ECON 200 EXAM 2 UNL ACTUAL QUESTIONS AND CORRECT ANSWERS COMPLETE STUDY GUIDE

ECON 200 EXAM 2 UNL ACTUAL
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY GUIDE

●● explicit costs.
Answer: monetary payments for the use of land, labor, capital owned by
others


●● implicit costs.
Answer: opportunity costs of using owned resources


●● accounting profits.
Answer: total revenue - explicit costs


●● economic profit.
Answer: total revenue - economic cost


●● total product.
Answer: the total amount of output produced with a given amount of
resources


●● marginal product.

, Answer: change in total product / change in variable resource


●● average product.
Answer: total product / units of resource


●● fixed cost.
Answer: costs that do not change with the amount of output produced


●● variable cost.
Answer: costs that change with the amount of output produced


●● total cost.
Answer: fixed costs + variable costs


●● average fixed cost.
Answer: total fixed cost / output


●● average variable cost.
Answer: total variable cost / output


●● average total cost.
Answer: average fixed cost + average variable cost